Unsecured Loans

To be eligible for this option with our specialist lender Norwich Trust it’s important that you fulfil some key criteria first. Their Eligibility criteria is highlighted below:

• Aged over 21 years old before your loan begins
• Be under the age of 71 years old when your term comes to an end
• Must be a UK resident
• Although the loan will not be secured against a property, we still require applicants to be a homeowner

No, you don’t need a guarantor. There are many unsecured loan no guarantor options available.

If you choose to use our partner Norwich Trust, you will not be required to have a guarantor. To be accepted with our partner however you must be a homeowner, even though the loan will not be secured against your property.

Loan sizes vary between different lenders, so it’s important to research carefully to find a provider who has an option that matches your plans.

The maximum loan size our partner Norwich Trust has available is up to £20,000. Any plans which exceed this amount may need an alternative finance option.

Repayment terms are dependent on the lender or bank you decide to go with. Some may have shorter or longer terms available, so it’s important to assess providers carefully to find the right deal for you.

Our partner Norwich Trust’s options range anywhere from 3 to 10 years, so there is flexibility around the type of term you could get.

Qualifying criteria varies from lender to lender, so what is accepted with one provider may not be with another. Therefore, not every lender may accept every income type.

Our partner Norwich Trust accepts various income types including:

• Employed (including bonus, overtime and commission)
• Benefits
• Pensions
• CIS contractors

Acceptable property types may vary depending on which provider you go with. Some of the properties our partner Norwich Trust can accept includes:

• Help to buy
• Right to buy
• Buy to let
• Consumer buy to let
• Shared ownership
• Homeowner no mortgage
• Homeowner with a mortgage

No you can’t. When you apply for any type of finance option a credit search will be performed on you. These searches are carried out to ensure that you can afford the option, to protect both you and the lender.   

Therefore, if you have any negative marks on your credit profile you will not be able to hide it from your lender. 

As with other types of loans, these options can be accessed by going to a bank, lender or a broker.

There are lots of unsecured lenders and banks who can assist with your enquiry and help you get the funding needed to start your plans. Going directly to a lender or bank can help you save on fees, as it cuts out the need for a broker who may have extra charges for their services.

However, if you’re uncertain on which products are right for you and have limited time to research and understand your options, it may be more suitable to seek help from a broker.

Although you won’t lose your property, there are still consequences if you miss payments on an unsecured loan. First, lenders may charge you extra fees or interest if you miss any payments.

To add to this, it is likely to be recorded on your credit file, which may make it more challenging to get accepted for future finance. 

If you repeatedly miss payments, there can be further consequences including country court judgements and as part of the court process a charging order can be requested by the lender. This would not usually force you to sell your home, but if you attempt to remortgage or sell your property the charging order would need to be cleared as part of this process.

Put simply, this is where you take out a loan (which does not use a property as security) to pay off any existing debts you have. By doing this, all your debts are then merged under one, single loan.

There are some benefits to consolidating debts, which may include:

• It can make managing your monthly finances easier
• May reduce monthly repayments

Yes, you can use this option to help you consolidate lines of debt into one loan.

All it means is that an asset (usually your home) has not been taken as security against the loan.

It is worth noting that whilst the loan may not be secured against your property, failure to make payments could result in lenders taking formal steps to recover the loan, which may include a charging order – at which point the loan is secured against your property.

Although they are quite similar there is one key difference between these options, which is that secured loans take a property you own as security against the loan, whereas unsecured loans do not.

If you’re ever unsure, the biggest giveaway is in the product names.

Yes, you absolutely can get this option online.

Our partner Norwich Trust’s application process is fully online. Once you have submitted your application you will be able to get telephone support from their underwriters.